Some investors move from a company with a 401k program to one with a 403b plan. While they are essentially the same in design, they are not the same on the law books, and it is possible that 401k funds may not be transferrable to a 403b.

A 403(b), also known as a tax deferred annuity or TDA, is a tax deferred retirement plan available to employees of public schools, tax-exempt organizations, employees of public schools which are organized by Indian Tribal governments, civilian faculty and staff of the Uninformed Services University of Health Sciences, and some ministers

Generally, 403b withdrawals are taken at the time of retirement and are subject to taxation at that time. However, in some cases it may be possible to make early 403b withdrawals without incurring additional penalties; these exceptions are outlined in the IRS regulations governing 403b accounts and typically require special circumstances in order to be applicable.

A 457 contribution plan is a tax-deferred, incentivized retirement plan for government employees and non-government employees who work for certain non-profit corporations, hospitals, and other charitable organizations

The 457 plan definition is a retirement plan specifically designed for employees of the government agencies as well as employees of not for profit corporations and other tax-exempt entities including hospitals.

Part of responsible retirement planning is close tracking of your 401k plans and IRAs. This includes a regular check of your 401k balance to ensure the investments are performing well and your nest egg is continuing to grow.

At its core, retirement planning focuses on asset allocation and where each dollar of your savings is invested for the best combination of risk to reward. However, it is about time the world takes a different view of what risk really means!

Because the primary purpose of a 401k is to save for your retirement years, the money that goes into that account needs to stay put until you reach retirement age. If you perform any retirement account withdrawals prior to the retirement age set by the federal government, you will have to pay penalties for taking the money too soon.